Global storage not tanked up enough
World commercial oil inventories continued their declining trend over the past year. Oil storage owners face a mixed market
In this article, PE looks at the evolution of storage trends in the industry. Part I of II. Regional trends across the globe are uneven, with supply bottlenecks increasing storage demand in some areas, while other markets are flat to lower. With oil markets expected to remain in backwardation, trader demand for storage is expected to remain lacklustre through 2019. According to the International Energy Agency (IEA), commercial oil inventories in rich countries, which peaked at the end of 2016, continue to draw. The IEA estimates that the second quarter saw a commercial year-on-year stock draw of 253m barrels, falling by 7.2m barrels in June from May for the eighth decline in 11 months. At th
Also in this section
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix